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Auto Lease Agreement
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automobile is returned.
Excess Mileage. The yearly mileage limit should exceed your normal driving needs. If it
does not, find out the charge for additional miles. Try to negotiate a more favorable rate
for added miles at the outset.
Disposition Fees. This end-of-lease charge covers costs that are associated with
picking up and processing the returned car for sale. Some leasing companies do not
charge a disposition fee or an acquisition fee, but instead include the costs in the
monthly payment. Also, some dealers will absorb the fee if the customer is planning to
sign another lease.
Purchase Option. Many leases include the chance to buy the automobile at the end of
the lease. The disclosure sheet should tell you if the purchase price is pre-determined
or negotiated at the end of the contract. In cases where the residual value has been
boosted to a very high level, do not pay more than market price for a car. When
examining the contract, see if there is a purchase option fee.
Early Termination and Default . You may incur significant penalties if you break the
lease. For example, you may be required to pay 100% of all the remaining payments. A
detailed explanation of early termination fees is required by the disclosure form.
Although some leases can be broken with less penalty than others, early terminations
are a big cause of disputes.
Web Site for Consumer Lease Statutes at: http://www4.law.cornell.edu/uscode/15/1667.html.
See our other Web Sites on Leasing at:
http://www.in.gov/dfi/education/ciauto_creditleasing.htm
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